New York
London
Tokyo
Chart Of The Day | Forex Chart Analysis | James Chen
Join James Chen, FX Solutions\' Lead Technical Analyst, each day as he provides commentary for a given currency pair chart setup.

July 30, 2010 – GBP/USD – Bullish

clip_image002(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)

7/30/2010 – GBP/USD – Price action on GBP/USD (a daily chart of which is shown) as of Friday (7/30/2010) has consolidated above 1.5500, a prior resistance region that was broken to the upside earlier in the week.

This occurs within the context of a strong accelerated uptrend extending originally from the 1.4230 area lows in May, and after price just hit a fresh 5-month high on Thursday. The past week for this currency pair has been decidedly bullish. The pair may now be somewhat overbought, and a bearish correction within the current uptrend may soon be due. 

However, the momentum bias is still to the upside, with the 1.5800 price region serving as a key upside resistance target within the strong current uptrend. Downside support now resides around the noted 1.5500 prior resistance region.

Tagged as: , ,

SocialTwist Tell-a-Friend

Leave a Response

Trading Metro
Disclaimer

Before diving into the legalese below, use your common sense when trading. Rely on yourself to define trade execution, don't trade with money you cannot afford to lose, and know the risks of trading. Be responsible, be honest, and use common sense.

Online trading, especially that on margin carries a high level of risk and may not be suitable for all investors. Opinions expressed at Trading Metro are those of the independent authors and do not necessarily represent the opinion of Trading Metro. Trading Metro has not verified the accuracy of any claim or statement made by any independent author. It's your responsibility to ensure the veracity of information presented.

Any solutions, opinions, news, research, analyses, prices or other information contained on this website, by Trading Metro, its employees, partners or contributors, is provided as general market commentary and tools, and does not constitute investment advice. Trading Metro will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Information on Trading Metro is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on Trading Metro is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy and our Privacy Notice.

Feedback Form